NEW DELHI, March 5, 2024 -- Embarking on a new chapter in debt management, CARS24 Financial Services, a modern NBFC specializing in car financing and a wholly-owned subsidiary of CARS24, India's leading AutoTech company, has announced a strategic partnership with Credgenics, a pioneering SaaS-based debt collections and resolution tech platform. This collaboration underscores CARS24's commitment to streamline the car ownership experience for customers by introducing innovative solutions powered by cutting-edge technology, ensuring a hassle-free journey.

Credgenics' SaaS based platform at CARS24 Financial Services provides data insights backed strategy recommendations, facilitates a digital-first approach and automates customer communications across multiple channels for collections. The integrated platform includes various modules that cover the end-to-end collections lifecycle and enables the team at CARS24 Financial Services to drive higher operational efficiency, provide personalized service to customers and scale operations rapidly at ease.

The CG Collect mobile app streamlines the field team operations, simplifies reconciliations, digitizes visit management and enables seamless tracking. Capabilities such as offline operability in remote areas, easy repayment deposit process and real time field team tracking are helping drive the next level of efficiency for CARS24 financial services team operating in more than 180 cities in India.

While catering to both pre-due and post-due stages, the Credgenics platform has swiftly enabled the transformation from a traditional approach to a data-oriented model that leverages workflow automation, integrated communications and advanced ML capabilities. The emphasis is on automation, eliminating manual processes including data upload, tracking and reporting and ensuring a seamless transition to a fully digitized ecosystem.

Commenting on the partnership, Ruchit Agarwal, Co-Founder & Chief Financial Officer at CARS24, stated, "We are committed to fulfilling the dream of car ownership and make it convenient and accessible to all. Our collaboration with Credgenics for the enablement of digital debt management processes is supporting our mission to provide a more seamless debt financing experience for our customers. We are excited about the upcoming features and the continued innovation that Credgenics brings to the table."

Rishabh Goel, Co-Founder and CEO of Credgenics, added, "The Indian car financing landscape has undergone a significant transformation, driven by a robust emphasis on digitization. Our collaboration with CARS24 Financial Services exemplifies the influential role of digital transformation in the financial services sector. We take pride in contributing to CARS24's pursuit of elevated customer experience and operational efficiency. As the fintech ecosystem evolves, our commitment remains steadfast in delivering cutting-edge solutions that align seamlessly with our partners' business objectives."

This collaboration between CARS24 Financial Services and Credgenics signifies a commitment to innovation, efficiency, and delivering a superior customer experience in the ever-evolving digital lending landscape. The partnership is poised to bring about positive disruptions in the automotive financing sector, setting new benchmarks for industry best practices.

About CARS24 Financial Services 

CARS24 Financial Services Private Limited ("CARS24 Financial Services") is a professionally managed Non-Banking Financial Company ("NBFC") registered with the Reserve Bank of India. The Company is a wholly-owned subsidiary of CARS24 Services Private Limited. The Company offers various vehicles lending products to the customers. We are making lending simpler, safer, faster and more accessible for the customers using the latest technologies such as machine learning (ML) and artificial intelligence (AI). https://www.cars24.com/financing/

About Credgenics

Credgenics is the leading provider of Loan Collections and Debt Resolution technology platforms to banks, non-banking finance companies, fintechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized twice as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table 2022 and 2023. Credgenics works with more than 100 customers and touched an overall loan book worth USD 60 billion in FY23. It handles 11 million retail loan accounts and sends 60 million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%. https://www.credgenics.com/

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